City financial firms will now be required have a whistleblowing champion to present an annual whistle blowing report, according new rules published today by the UK’s financial watchdog.
The new whistleblowing champions, who must be a senior manager, will be responsible for internal whistleblowing arrangements and must be able to handle all types of disclosure from all types of person, the Financial Conduct Authority (FCA) said this morning.
“It is in the interests of the industry and regulators alike that wrongdoing is identified and addressed promptly,” said FCA boss Tracey McDermott.
“For individuals to have the confidence to come forward, it is vital that firms have in place adequate policies on dealing with whistleblowers and that a senior manager takes responsibility for overseeing these policies.”
The rules, which apply mostly to banks and insurers, will come into force in September 2016.
There were 1,340 whistleblowing disclosures for the year ending 30 March 2015, up 28 per cent on the previous year, the FCA said